Summary: Maricopa County Industrial Development Authority, Arizona GreatHearts Arizona; Charter Schools

S&P Global Ratings assigned its 'AA-' enhanced program rating and 'BBB-' underlying rating for credit programs to the Industrial Development Authority of the County of Maricopa, Ariz.'s series 2017C and 2017D education revenue bonds, issued for GreatHearts Arizona (GHA; formerly known as Great Hearts Academies). In addition, we affirmed our existing 'BBB-' rating on the authority's series 2017A and 2017B education facility revenue bonds, as well as the Phoenix Industrial Development Authority, Ariz.'s series 2016 and 2014 education facility revenue bonds, also issued for GHA. The outlook is stable. The 'AA-' long-term enhanced program rating on the series 2017C and 2017D bonds reflects the conditional approval of this series of bonds into the Arizona Public School Credit Enhancement Program. Final

...The issuance of the series 2017C and 2017D bonds will add one more school to the obligated group. Operations from 19 of the 22 GHA schools (obligated group) secure the bonds. Based on S&P Global Ratings' group rating methodology criteria, released Nov. 19, 2013, the rating analysis encompasses the entire GHA organization. The '###-' rating is based on our view of GHA's group credit profile ('###-') and our view that the 19 schools that are obligated to support the bonds are core to the organization. This is further supported by the direct control of the overarching system over the obligated group. Accordingly, the bonds are rated on par with the group credit profile. The rating applies only to the bonds and does not apply to GHA as an organization, though our analysis is based on consolidated results. Unless otherwise indicated, numbers cited in this report reflect the consolidated financial statements and operations of the 22 GHA campuses and not the obligated group. We assessed GHA's...

Summary